There is always a way to come back from a bad investment. Putting in more money towards investment in hopes that returns will improve is not a sound strategy.
Neeraj Chopra, a name that has rung clear across India as well as the international sporting community. Hailing from Khandra, Haryana, this Javelin-throwing Olympian and track-runner brought home the gold for India in August. The Tokyo Olympics did shine a light on this rare gem of an athlete and brought the nation to the forefront thanks to Chopra. As of August 2021, he has been ranked the number two athlete in the world by the World Athletics organisation. He is also the first Indian track runner and field athlete to win a gold medal for India. Here are a few investment lessons one can learn from the sports star.
1) Starting the Journey Early
Chopra started training at the young age of 12. He started training at Panipat Stadium during his free days to lose the extra pounds and shape up for sports. This put him on the path to becoming an Olympian.
Similarly, when it comes to investment, it always helps to start as early as possible. Though in the initial days you may not see much in terms of returns, persistence and time will help you reap the rewards of higher returns. Much like how Chopra started training early so he could achieve his dreams of becoming an athlete, you have to start investing early to reach that goal of financial security.
2) Do Your Due Diligence
In 2013, Chopra had participated in the IAAF World Youth Championships which were played in Donetsk, Ukraine. He failed to qualify for that tournament as he finished in 19th place. However, he managed to get the season’s best throw of 66.75 metres. Over time, he gradually improved his performance and in the 2015 Asian Athletics Championships in Wuhan, China he went up a step to 9th place.
Before investing your money and expecting exorbitant returns, you should pace yourself. Make sure that you have a proper plan for the amount of returns you are expecting from the investment and how you are planning to reach there. It also helps to know what you want your money to do for you down the road, so define the goal.
3) Coaching and Learning
Young Chopra was not always as enthusiastic about sports as he is today. However, following the lead of Jaiveer of Binjhol, who is a professional Javelin thrower and it was with him that Chopra trained initially. But things took a turn when his training partner left for Jalandhar; putting a stop to his training for a few months
Much like Chopra investors will need guidance and help in the market. It always helps to follow the expert’s lead in these matters. It will help create a plan or a guide to your investment goal. Follow experts such as Warren Buffet to get an idea on how to build your portfolio.
4) Small Setbacks and Comebacks
In 2018 Chopra suffered a serious elbow injury that resulted in him having to undergo elbow surgery. This put him out of commission for the 2019 IAAF World Athletics Championships. He trained hard and made his comeback, eventually going on to win gold.
There is always a way to come back from a bad investment. The market is volatile and that won’t change. So, stop digging the hole. Putting in more money towards investment in hopes that returns will improve is not a sound strategy. It is important to know when to cut your losses and let your financial situation recover. As with any recovery, start slow and set your performance expectations at a realistic level.
5) Upgrade and Update yourself
Chopra spent the majority of his time training with different coaches and putting in the work outside of the stadium. This is what allowed him to perform so well in the Olympics. Similarly, investors need to be adept in multiple channels and be able to think on their feet. Maybe you invested too much or you are locked into a year-end tax saver fund scheme. Whatever the case, appreciate the game for what it is and learn for the future from your mistakes.
